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Business and Economics > Insurance

You are looking at 1 - 10 of 15 items for :

  • Type: Journal Issue x
  • Fiscal Policy x
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Cover Policy Papers
Building Resilience in Developing Countries Vulnerable to Large Natural Disasters
International Monetary Fund. Strategy, Policy, &amp
,
Review Department
,
International Monetary Fund. Western Hemisphere Dept.
, and
International Monetary Fund. Asia and Pacific Dept
This paper discusses how countries vulnerable to natural disasters can reduce the associated human and economic cost. Building on earlier work by IMF staff, the paper views disaster risk management through the lens of a three-pillar strategy for building structural, financial, and post-disaster (including social) resilience. A coherent disaster resilience strategy, based on a diagnostic of risks and cost-effective responses, can provide a road map for how to tackle disaster related vulnerabilities. It can also help mobilize much-needed support from the international community.
Keywords:
PP; country; country effort; lending toolkit; executive board assessment; disaster-vulnerable country; donor country; climate funds; Natural disasters; Insurance; Disaster aid; Climate change; Fiscal space; Caribbean; Pacific Islands
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues Paper
International Monetary Fund. Western Hemisphere Dept.
This Selected Issues paper presents a quantification of the long-term benefits of ex-ante resilient investment and insurance needs against natural disasters (ND) in Eastern Caribbean Currency Union (ECCU). Cost-benefit analysis of resilient investment based on a dynamic stochastic general equilibrium model tailored to small states and calibrated to all ECCU economies is also discussed in the paper. The model’s aggregate production function illustrates the interaction among the participating sectors and their contribution to output, ultimately informing the role of resilient investment. The study also quantifies government insurance coverage needs and costs using an empirical stochastic model that simulates NDs fiscal costs. The insurance needs are framed within the World Bank insurance layering framework. The results in this paper underscore the importance of a shift from ex-post recovery to a focus on ex-ante resilience building. Ex-ante resilient investment and insurance are key to the welfare and financial sustainability of the ECCU, given high intensity and recurrence of NDs.
Keywords:
ISCR; CR; ECCU country; country authorities; private sector; depreciation rate; resilient investment; ECCU economy; deficit bias; labor migration; debt target; insurance cost; Natural disasters; Public investment spending; Insurance; Caribbean
Cover Departmental Papers
Strengthening the West African Economic and Monetary Union: The Role of Fiscal and Market Institutions in Economic Stabilization
Olivier Basdevant
,
Patrick A. Imam
,
Mr. Tidiane Kinda
, and
Ms. Aleksandra Zdzienicka
West African Economic and Monetary Union (WAEMU) countries face a well-known dilemma between the need to provide shock-smoothing mechanisms and the lack of adequate mechanisms to do so. WAEMU countries are subject to frequent and, to a large extent, asymmetric shocks. They have remained poorly diversified and vulnerable to external shocks, such as changing weather conditions. In addition to limited shock-smoothing mechanisms at the regional level, WAEMU members’ ability to respond to shocks through national policies is also constrained by limited fiscal space and the need to preserve external stability—not only at the national level but also at the union level. In this context, developing a well-defined fiscal rule framework at the national level would help to build the necessary fiscal space for shock-smoothing. In addition, the development of specific shock-smoothing mechanisms—including a more developed and integrated financial sector—would also be critical. In addition, promoting financial development is also a challenge, which needs to be addressed in tandem with an adequate surveillance system. Some of these challenges have been faced by other monetary unions, such as the euro area.
Keywords:
DPPP; DP; insurance fund; government; bridge funding; WAEMU country; WAEMU authorities; WAEMU convergence criteria; WAEMU member country; WAEMU economy; Fiscal rules; Fiscal councils; Insurance; West Africa
Cover IMF Staff Country Reports
Lebanon: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper analyzes the various transmission channels of the Syrian crisis—though quantification is hampered by the lack of reliable data—with focus on the impact on fiscal performance and labor markets; it also takes stock of international donor efforts to date. The paper also provides overviews of main effects on Lebanon’s economy, the expenditure pressures associated with the refugee presence, the impact on poverty and inequality, and the added strains on labor markets. A section of the paper describes the response by the international community to help Lebanon cope with the Syrian crisis. Absent additional international support, the needs of both refugees and affected Lebanese communities will not be met. Sound government policies—including implementation of a concerted policy framework to deal with refugee issues and a commitment to fiscal discipline—will send credible signals to donors and help mobilize budget support. Tackling the unprecedented refugee crisis requires strong international support. There has been a large international humanitarian response, but much more is needed.
Keywords:
ISCR; CR; refugee; Lebanon; natural resources; stock market; refugee influx; revenue; stock exchange; resource revenue; influx scenario; refugee crisis; Fiscal stance; Stock markets; Fiscal governance; Labor markets; Middle East; Europe; Asia and Pacific; Global
Cover IMF Staff Country Reports
Canada: 2012 Article IV Consultation
International Monetary Fund. Western Hemisphere Dept.
After recovering rapidly from the Great Recession, the Canadian economy has slowed down in 2012. Growth weakened in the first three quarters of 2012, and recent indicators have suggested that the pace of economic expansion remained subpar in the fourth quarter. The fiscal policy has continued to be a drag on growth, as the stimulus is being withdrawn. These have been only partly offset by an improvement in financial conditions in 2012. Growth is expected to gain new momentum over 2013.
Keywords:
ISCR; CR; government; economy; Canada; government Finance Statistics Manual; housing sector; stability assessment; market expectation; IMF staff estimate; household leverage; X. exchange rate arrangement; Housing prices; Insurance; Fiscal stance; Global
Cover IMF Staff Country Reports
Eastern Caribbean Currency Union: Selected Issues
International Monetary Fund
The Eastern Caribbean Currency Union (ECCU) countries’ economies are heavily dependent on the United States for foreign direct investment, mainly in the tourism sector. The Selected Issues paper discusses economic development and policies of the ECCU. About one-third of the stayover tourists to the ECCU countries are from the United States., the top tourist-source country. The flow of remittances is also an important channel of influence, reflecting the significant proportion of Caribbean migrants living in the United States.
Keywords:
ISCR; CR; ECCU economy; ECCU country; ECCB reserves; founder business personality; Ponzi scheme; Real exchange rates; Natural disasters; Insurance; Caribbean
Cover IMF Working Papers
Guarding Against Fiscal Risks in Hong Kong SAR
International Monetary Fund
Hong Kong SAR's government faces the dual challenges of volatile revenue and medium term spending pressures arising from a rapidly aging population. Age-related spending pressures raise long-run sustainability concerns, while revenue volatility creates risks to service provision, possibly entailing sudden tax changes, or even requiring new borrowing. After describing the risks associated with aging, the paper uses value at risk techniques to measure the value of the unanticipated risks posed by volatile revenue. The paper also describes the self-insurance value of Hong Kong SAR's traditionally high fiscal savings (reserves), and the impact alternate policy choices could have on revenue volatility.
Keywords:
WP; revenue; revenue volatility; GDP; spending
Cover IMF Staff Country Reports
Israel: Selected Issues
International Monetary Fund
This Selected Issues paper on Israel focuses on the fiscal institutions and the political economy in Israel. The paper addresses two questions. First, is there evidence for political-economy distortions to Israel’s fiscal policy? Second, what institutional changes could help in limiting these distortions? The paper presents some data on Israel’s political system and an empirical analysis of the relation between fiscal policy and the political infrastructure. It also presents some options for reducing political economy distortions through reforms in the budget process and institutions.
Keywords:
ISCR; CR; Israel; fund; regulatory authority; rule; provident fund; equity investment; government coalition; supervisory authority; supervision authorities; government duration; Pension spending; Mutual funds; Insurance; Budget planning and preparation; Global; Australia and New Zealand
Cover IMF Staff Country Reports
People’s Republic of China—Hong Kong Special Administrative Region: Selected Issues
International Monetary Fund
This Selected Issues paper reviews medium-term fiscal challenges for Hong Kong Special Administrative Region (Hong Kong SAR). It focuses on key considerations that need to be evaluated when formulating a medium-term reserves policy in the face of fiscal challenges, such as accommodating future spending pressures and revenue fluctuations. The broad conclusion of the paper is that fiscal reserves will likely remain an important feature of future fiscal policy. The paper also discusses more general aspects of Hong Kong SAR’s economy’s competitiveness, and the outlook for Hong Kong SAR’s financial center.
Keywords:
ISCR; CR; revenue; revenue volatility; Hong Kong SAR; market; price competitiveness; Mainland bank; SAR resident; business cost; renminbi deposit; Competition; Insurance; Fiscal risks; Financial integration; Global; Asia and Pacific
Cover IMF Staff Country Reports
Switzerland: 2006 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Switzerland
International Monetary Fund
Switzerland showed commendable economic growth with low inflation and increasing employment. Executive Directors commended the prudent macroeconomic management, sound monetary and fiscal policy frameworks, structural reforms, and flexible labor markets. They noted that the monetary policy framework continues to serve Switzerland well, underpinned by effective practices of the Swiss National Bank (SNB). They agreed that the Swiss financial system appears to be healthy and dynamic, and appreciated the regulatory and supervisory framework, and the vigilance in monitoring financial sector risks.
Keywords:
ISCR; CR; monetary policy; deficit; expenditure growth; IMF staff projection; authority; fiscal policy framework; government activity; exchange rate; inflation expectation; spending pressure; state regulation; Income; Financial statements; Insurance; Global